KKR Introduces Renewables Platform for Solar and Wind Energy Projects in Asia
KKR, an American global investment company, announced the Rollout of Aster Renewable Energy ("Aster"), a new renewables platform that will design, build, and operate solar, wind, and energy storage projects in Taiwan and Vietnam, with plans to extend to other Asian countries.
Aster, based in Singapore, aims to invest in high-quality renewable energy assets by using the team's development skills.
CEO Chen Wei, an industry veteran with over 20 years of expertise managing and growing renewable energy firms in Asia, will lead Aster. Mr Chen brings a wealth of knowledge, contacts and vast experience running a successful pan-Asian renewables platform. He will be in charge of discovering, planning, and executing investment opportunities for Aster alongside his leadership team.
Aster will be headed in Taiwan by Country Manager Adam Huang, a renewables developer and investor with a focus on solar.
The launch of Aster relies on Asia's strong renewables investment and growth momentum and KKR's considerable experience in the sector.
As of December 31, 2021, KKR had invested approximately US$4.0 billion globally in renewable assets such as solar and wind, totalling 14.2 GW of operational power generation capacity.
In Asia, KKR sees renewables as a critical component of its infrastructure strategy, and it wants to capture the region's substantial prospects.KKR established Virescent Infrastructure, a renewable energy platform in India, in 2020 to acquire and operate renewable assets.
Michael de Guzman, Managing Director of KKR’s Asia Pacific Infrastructure team, said:
“The launch of Aster reflects KKR’s confidence in Asia’s renewables sector and the important role it plays in our broader Asia infrastructure strategy. We believe we have reached an inflexion point where there is a strong convergence of favourable geographical characteristics and resources, supportive government policies, and demand for sustainable energy solutions to meet the region’s growing needs. With our global expertise and local knowledge, KKR is well-placed to invest behind and advance the energy transition through Aster across Taiwan, Vietnam, and Asia, and Virescent Infrastructure in India.”
Mr Chen said:
“I am incredibly excited about this unique opportunity to lead Aster to achieve its full potential. There is significant demand and momentum for renewable energy across the region, and I look forward to maximizing our team’s experience and networks, as well as KKR’s deep expertise, to help Aster capture these opportunities. Aster will continue to invest behind great opportunities and talent to help enhance KKR’s infrastructure strategy.”
With a team of roughly 75 specialised investment specialists, KKR launched its Global Infrastructure strategy in 2008 and has since become one of the most active infrastructure investors in the world. Globally, the firm manages roughly US$40 billion in infrastructure assets and has made approximately 65 infrastructure investments across a variety of sub-sectors and geographies. To provide value to firms in the Asia Pacific, KKR leverages the strengths of its local teams across the region with KKR's global industry and operational expertise.